Latest news with #GregHands
Scotsman
3 days ago
- Business
- Scotsman
Thames Water takeover M&S boss pay rise business video
From calls to overhaul the water industry and Thames Water's failed investor talks, to Greg Hands' new role at Royal Mail and a £7.1m payday for the M&S boss - here are today's top UK business stories. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Today's bulletin focuses partly on the water sector - because there are several big stories. Firstly - England and Wales' water industry needs a 'fundamental reset', according to a new report. The Independent Water Commission says failures across the industry are 'deep-rooted and systemic'. It's calling for a tougher, more hands-on approach from regulator Ofwat. Thames Water deal collapses and ex-UK trade minister Greg Hands joins Royal Mail: More Business in Brief Meanwhile, Thames Water says talks with investor KKR have collapsed, dealing a blow to its rescue plans. KKR had been the preferred partner in efforts to recapitalise the troubled utility. But it's now pulled out, meaning Thames Water will shift focus to a plan backed by senior creditors. Chairman Sir Adrian Montague says the company remains committed to finding a sustainable solution. The owner of South West Water has also said today rising bills will help fund £3.2 billion in upgrades. | Getty Images The owner of South West Water has also said today rising bills will help fund £3.2 billion in upgrades. Pennon Group posted a £72.7 million loss this year - much deeper than last year's £9.1 million. It blames record investment and efforts to cut customer water use. Average bills jumped 28 per cent in April, helping to cover a third of its long-term plans. In other news, Irish hotel group Dalata has received a potential €1.3 billion cash offer. The early-stage proposal comes from hotel property company Pandox and real estate specialist Eiendomsspar. They're offering €6.05 a share - a 27 per cent premium on Dalata's March price. Talks are under way, but there's no guarantee a formal bid will follow. Former UK trade minister Greg Hands has joined Royal Mail's new owner as a strategic adviser. The ex-Conservative MP will work full-time for Czech billionaire Daniel Kretinsky's EP Group. He'll focus on the UK and Germany as the company takes full control of Royal Mail. Finally - Marks & Spencer boss Stuart Machin has seen his pay rise to £7.1 million. The jump comes as he steers the retailer through a major cyber attack. His package includes £4.6 million in long-term bonuses he can't touch for two years. A strong year also earned him a £1.6 million performance bonus.
Scotsman
3 days ago
- Business
- Scotsman
Thames Water takeover M&S boss pay rise business video
From calls to overhaul the water industry and Thames Water's failed investor talks, to Greg Hands' new role at Royal Mail and a £7.1m payday for the M&S boss - here are today's top UK business stories. Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Today's bulletin focuses partly on the water sector - because there are several big stories. Firstly - England and Wales' water industry needs a 'fundamental reset', according to a new report. The Independent Water Commission says failures across the industry are 'deep-rooted and systemic'. It's calling for a tougher, more hands-on approach from regulator Ofwat. Thames Water deal collapses and ex-UK trade minister Greg Hands joins Royal Mail: More Business in Brief Meanwhile, Thames Water says talks with investor KKR have collapsed, dealing a blow to its rescue plans. KKR had been the preferred partner in efforts to recapitalise the troubled utility. But it's now pulled out, meaning Thames Water will shift focus to a plan backed by senior creditors. Chairman Sir Adrian Montague says the company remains committed to finding a sustainable solution. The owner of South West Water has also said today rising bills will help fund £3.2 billion in upgrades. | Getty Images The owner of South West Water has also said today rising bills will help fund £3.2 billion in upgrades. Pennon Group posted a £72.7 million loss this year - much deeper than last year's £9.1 million. It blames record investment and efforts to cut customer water use. Average bills jumped 28 per cent in April, helping to cover a third of its long-term plans. In other news, Irish hotel group Dalata has received a potential €1.3 billion cash offer. The early-stage proposal comes from hotel property company Pandox and real estate specialist Eiendomsspar. They're offering €6.05 a share - a 27 per cent premium on Dalata's March price. Talks are under way, but there's no guarantee a formal bid will follow. Former UK trade minister Greg Hands has joined Royal Mail's new owner as a strategic adviser. The ex-Conservative MP will work full-time for Czech billionaire Daniel Kretinsky's EP Group. He'll focus on the UK and Germany as the company takes full control of Royal Mail.
Daily Mail
3 days ago
- Business
- Daily Mail
Ex-minister Greg Hands to advise Royal Mail after takeover by 'Czech Sphinx' billionaire
A former trade minister has been appointed as an adviser to the new owner of Royal Mail. Greg Hands, who lost his seat as a Conservative MP in last year's election, will advise Daniel Kretinsky's EP Group on business matters in the UK and Germany. The appointment came as Royal Mail's parent company, International Distribution Services (IDS), formally left the London Stock Exchange after being bought by Czech billionaire Kretinsky. The departure from the stock market also saw a number of IDS board members resign, including chairman Keith Williams. The £3.6billion takeover by Kretinsky saw the more than 500-year-old firm fall into foreign hands for the first time.
Powys County Times
4 days ago
- Business
- Powys County Times
New Royal Mail owner appoints former minister Greg Hands as adviser
Former UK trade minister Greg Hands has been appointed as an adviser to the new owner of Royal Mail. Czech billionaire Daniel Kretinsky's business EP Group announced that the former Conservative minister has been made a full-time strategic adviser on Monday. Mr Hands, who was minister for trade policy until last summer when he lost his seat in the House of Commons, will advise the business with a 'special focus on the UK and Germany', the investment business said. He said in a statement on LinkedIn that he has known Mr Kretinsky, who has been dubbed the Czech Sphinx, for 'a long time'. The appointment came as Royal Mail's parent firm, International Distribution Services (IDS), formally left the London Stock Exchange on Monday after being taken over by Mr Kretinsky. In April, shareholders approved the £3.6 billion takeover deal, giving the more than 500-year-old company a foreign owner for the first time. Mr Hands said: 'I am honoured to join EP Group as strategic adviser for the UK and Germany. 'I have known Daniel Kretinsky for a long time, and I know that EP Group has a strong track record in energy and infrastructure. 'I look forward to contributing to its continued growth and commitment to energy security and sustainable energy solutions in these regions.' Mr Kretinsky said: 'We are delighted to welcome Greg Hands to EP Group. 'His deep understanding of the UK and German business and energy landscapes, coupled with his extensive experience in government and international trade, will be invaluable as we navigate the evolving sectors in these key markets. 'Greg has unique capabilities for the job, including fluency in German and good Czech, and understands many of our markets very well.'
The Independent
4 days ago
- Business
- The Independent
New Royal Mail owner appoints former minister Greg Hands as adviser
Former UK trade minister Greg Hands has been appointed as an adviser to the new owner of Royal Mail. Czech billionaire Daniel Kretinsky's business EP Group announced that the former Conservative minister has been made a full-time strategic adviser on Monday. Mr Hands, who was minister for trade policy until last summer when he lost his seat in the House of Commons, will advise the business with a 'special focus on the UK and Germany', the investment business said. He said in a statement on LinkedIn that he has known Mr Kretinsky, who has been dubbed the Czech Sphinx, for 'a long time'. The appointment came as Royal Mail's parent firm, International Distribution Services (IDS), formally left the London Stock Exchange on Monday after being taken over by Mr Kretinsky. In April, shareholders approved the £3.6 billion takeover deal, giving the more than 500-year-old company a foreign owner for the first time. Mr Hands said: 'I am honoured to join EP Group as strategic adviser for the UK and Germany. 'I have known Daniel Kretinsky for a long time, and I know that EP Group has a strong track record in energy and infrastructure. 'I look forward to contributing to its continued growth and commitment to energy security and sustainable energy solutions in these regions.' Mr Kretinsky said: 'We are delighted to welcome Greg Hands to EP Group. 'His deep understanding of the UK and German business and energy landscapes, coupled with his extensive experience in government and international trade, will be invaluable as we navigate the evolving sectors in these key markets. 'Greg has unique capabilities for the job, including fluency in German and good Czech, and understands many of our markets very well.'
